St Teresa's Youth Centre Statement of Financial Position 31 March 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 15 1,964 118,602 108,177 120,566 108,177 Creditors: amounts falling due within one year Net current assets 16 3,247 117,319 108,177 Total assets less current liabillties 117,319 108,177 108,177 Net assets 117,319 Funds of the charlty Restricted funds Unrestricted funds 14,681 102,638 5,771 102,406 Total charity fund8 17 117,319 108,177 These financial statements were approved by the board of trustees and authorised for issue on 28 January 2025, and are signed on behalf of the board by.. CMLC Seamus Campbell Trustee The notes on pages 20 to 28 form part of these financial statements. 18 St Teresa's Youth Centre Statement of Financial Activities Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income Other income 168,917 168,917 28,225 46,347 497 5,000 185,447 15,581 40,885 28,225 46,347 497 5,000 80,069 5,000 Total Income 168,917 248,986 246,997 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Total expendlture 14,190 64,888 14,190 225,654 12,072 204,151 10,11 160,766 79,078 160,766 239,844 216,223 Net income 991 8,151 9,142 30,774 Transfers betmeen funds {759} 759 Net movement in funds 232 8,910 9,142 30,774 Reconciliation of funds Total funds brought fO￿ard Total funds carrled forward 102,406 5,771 108,177 77,403 102,638 14,681 117,319 108,177 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 20 to 28 form part of these financial statements. 17 St Teresa's Youth Centre Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activitles Net income 9,142 30,774 Adjustments for.. Other interest receivable and similar income Accrued expenses (497) 2,880 {841 Chang8s in.. Trade and other debtors Trade and other creditors {1,9641 367 Cash generated from operations 9,928 30,690 Interest received 497 84 Net cash from operating activities 10,425 30,774 Net Increase In cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 10,425 108,177 30,774 77,403 118,602 108,177 The notes on pages 20 to 28 fomi part of these financial statements. 19 St Teresa's Youth Centre Notes to the Financial Statements Year ended 31 March 2024 General infomiation The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 131A Glen Road, Belfast, BT118BL. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP {FRS 102)) and the Charities Act (Northern Ireland} 2008. Accountlng pollci08 Flrst year adoption of accrual accountlng This is the first year the Charity has prepared ils accounts using the accrual basis of accounting. Previously, the accounts were prepared on a receipts and payments basis. It has been deemed impractical to restate the prior year comparatives to conform to the accrual basis due to the nature ofthe records previously maintained. Consequently, the prior year comparatives remain presented on a receipts and payments basis. Users of these financial statements should consider this difference when interpreting the comparative information. Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measLJred al fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue, Judgements and key sources of ostimatlon uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and Judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted income funds or endowmenl funds. 20 St Teresa's Youth Centre Notes to the Financial Statements fcontinued) Year ended 31 March 2024 Accountlng polici88 (contlnuedj Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value, Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings ofthe statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure Ihat is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned be￿een the activities they contribute to on a reasonable, justifiable and consistent basis. Financlal instruments A financial asset or a financial liability is recognised only when the charity becomes a party lo the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 21 St Teresa's Youth Centre Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policies (contlnued) Financlal instruments (continued) Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can othe￿iSe be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the stalement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised, Donatlons and legacles Unrestricted Funds Restricted Total Funds Funds 2024 Donation8 Donations 22 St Teresa's Youth Centre Notes to the Financial Statements (continued) Year ended 31 March 2024 Donations and legacles (continued) Unrestricted Funds Restricted Total Funds Funds 2024 Grants Education Authority - Core Grant Education Authority Management information System Education Authority - Learning & Achieving National Lottery Funding Halifax Out Reach Youth Justice Agency BBC Children in Need Belfast City Council Holy Trinity Detached JL12 Charity Glen Parent Youth Henry Smith Victoria Home Grant 96,823 96,823 17,225 9,812 17,225 9,812 19,277 4,086 10,906 1,800 5,462 19,277 4,086 10,906 1,800 5,462 3,526 3,526 168,917 168,917 Unrestricted Funds Restricted Total Funds Funds 2023 Donation8 Donations 1,588 1,588 Grants Education Authority Core Grant Education Authority Management information System Education Authority - Learning & Achieving National Lottery Funding Halifax Out Reach Youth Justice Agency BBC Children in Need Belfast City Council Holy Trinity Detached JL12 Charity Glen Parent Youth Henry Smith Victoria Home Grant 132,157 132,157 9,600 9,600 5,498 5,498 1,727 4,979 28,378 840 1,727 4,979 28,378 840 680 680 3,315 182,132 185,447 23 St Teresa's Youth Centre Notes to the Financial Statements (continued) Year ended 31 March 2024 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Programmes & Outings 28,225 28,225 15,581 15,581 Other tradlng activitles Unrestflcted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Subscriptions Trading income 23,026 23,321 23,026 23,321 19,530 21,355 19,530 21,355 46,347 46,347 40,885 40,885 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 497 497 84 84 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income 5,000 5,000 5,000 5,000 Costs of other trading actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of other trading activities - Shop costs 14,190 14,190 12,072 12,072 24 St Teresa's Youth Centre Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 10. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Youth Centre Activity Support costs 60,908 3,980 160,766 221,674 3,980 225,654 64,888 160,766 Unrestricted Funds Restricted Total Funds Funds 2023 Youth Centre Activity Support costs 28,810 1,260 174,081 202,891 1,260 30,070 174,081 204,151 11. Expanditure on charltable actlvltles by actlvlty type Activities undertaken directly Support Total fund8 costs 2024 Total fund 2023 Youth Centre Activity Governance costs 221,674 221,674 3,980 202,891 1,260 3,980 221,674 3,980 225,654 204,151 12. Independent oxamlnatlon fe08 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 2,400 1,500 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries 147,481 131,078 The average head count of employees during the year was 1112023.. 12). No employee received employee benefits of more than £60,000 during the year (2023.. Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for seNices provided to the charity was £44,991 {2023'. £36,505}. 25 St Teresa's Youth Centre Notes to the Financial Statements {contlnued) Year ended 31 March 2024 14. Trustee remuneratlon and expenses no remuneration or other benefits from employment with the charity or a related entity were received by the trustees., or no trustee expenses have been incurred., 15. Debtors 2024 2023 Other debtors 1,964 16. Creditors: amounts falllng due within one year 2024 2023 Trade creditors Accruals and deferred income 367 2,880 3,247 17. Analysls of charltable funds Unrostrlcted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Transfers General funds 102,406 80,069 {79,078) (7591 102,638 At 31 March 20 23 At 1 April 2022 Income Expenditure Transfers General funds 79,403 64,865 142,142) 280 102,406 26 St Teresa's Youth Centre Notes to the Financial Statements {continued) Year ended 31 March 2024 17. Analysls of charltable funds (continued) Restricted funds At 31 March 2024 At 1 April 2023 Income Expenditure Transfers Education Authority - Core Education Authority MIS Youth Justice Agency Halifax Henry Smith BBC- Children in Need Belfast City Council Education Authority Learning + Achieving National Lottery Holy Trinity Detached Victoria Home JL Charity Glen Parent Programme Belfast City Council Summer & Park events 96,823 (96,823) 5,771 19,277 {21,979) 3,069 17,225 9,812 10,906 3,526 1,800 5,462 117,2251 9,812 110,9061 (3,526} 1,800 (5,4621 4,086 (4,8451 1160,766) 759 5,771 168,917 759 14,681 At 31 March 2023 At 1 April 2022 Income Expenditure Transfers Education Authority - Core Education Authority - MIS Youth Justice Agency Halifax Henry Smith BBC Children in Need Belfast City Council Education Authority Learning + Achieving National Lottery Holy Trinity Detached Victoria Home JL Charity Glen Parent Programme Belfast City Council Summer & Park events 132,157 1132,157) (2,000) 9,600 4,979 5,498 680 28,378 840 (7,600) (4,979} {5,218) {6801 122,6071 (8401 (2801 5,771 12,000) 182,132 1174,0811 (280) 5,771 27 St Teresa's Youth Centre Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Analysis of charitable funds (contlnued) Refer to the Trustees report for information on restricted funds. 18. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assets 105,885 (3,247) 102,638 14,681 120.566 (3,247) 117,319 14,681 Unrestricted Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 102,406 5,771 108,177 102,406 5,771 108,177 19. Analys18 of changa8 In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 108,177 10,425 118,602 28